The cost of living crisis cutbacks that could harm your long-term wealth

Belts are already being tightened but as bills head even higher more people will look to save where they can.But are there some things that you should avoid doing or cutting back on at all costs?Campaigns to get people not to pay their bills have obvious flaws, but what about only paying for the energy you use, diverting your pension saving elsewhere or cutting back on ditching saving or investing.Some are at breaking point and will have little choice but to do some of these things, but what about those who are still heading off on holidays, going out for dinner and drinks, or getting takeways in - should they hammer down on discretionary spending before stopping saving?In his column this week, Simon Lambert came up with his five false economies to avoid, but was he right to pick them? Simon, Georgie Frost and Lee Boyce discuss them on this podcast episode.Also this week's episode, are buy-to-let landlords all bad or a crucial part of the property market, will an electric car still save you money after the energy price cap hike, and how high will savings rates go as the best buys come in thick and fast.Follow us on Instagram @dmgnewmedia.Follow us on TikTok @dmgnewmediaFollow us on X @dmgnewmediaEmail us [email protected] us  020 7938 6000.Hosts: Georgie Frost, Simon Lambert, Lee Boyce, Helen CraneProducer: Georgie Frost Hosted on Acast. See acast.com/privacy for more information.